Heron Power lands $60M credit facility, adds ex-Tesla CFO to its board
What's the deal? Heron Power, a US advanced power electronics manufacturer, has secured a $60 million credit facility from J.P. MorganDealroom has a profile for this one. Try Dealroom → and TriplePoint Capital. It also named Zach Kirkhorn, former chief financial officer of Tesla, to its board of directors.
By the numbers: The debt facility ranks among the largest for a US semiconductor company, sitting in the 95th percentile of comparable deals on record. It follows the $140 million Series B Heron closed in February 2026, co-led by Andreessen Horowitz's American Dynamism FundDealroom has a profile for this one. Try Dealroom → and Breakthrough Energy VenturesDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Heron is converting a 286,000 square foot facility in Morgan Hill, California, into Heron Factory One, with mass production targeted for late 2027. The company has identified more than 40 gigawatts of customer interest in Heron Link, its 5 megawatt medium voltage power conversion system.
The product lets renewable energy, battery storage, and data center developers connect directly to medium voltage transmission without a transformer.
Why the board move? Kirkhorn has backed Heron since its 2025 Series A and advised on financial and operational matters. He spent 13 years at Tesla, serving as CFO through the company's first profitable year and its manufacturing scale-up across North America, Europe, and Asia.
"A strong balance sheet and bench of advisors is key as we move from engineering to scale," said Drew Baglino, chief executive officer and founder of Heron Power.
What they're saying: "Heron Power is addressing a key bottleneck in the modern grid: scaling next-generation power electronics that can support faster deployment and reliability as demand grows," said Julia Grinshpun, managing director of climate tech at J.P. Morgan Commercial Banking.
The signal: As power demand surges from data centres and renewables, hardware that speeds grid connections is drawing serious capital. Heron is betting that a fortified balance sheet and Tesla-honed leadership can carry it from first unit to mass production.
Image credit: Heron Power
